MIRA
INFORM REPORT
|
Report Date : |
29.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLY HAVA YOLLARI A.S. |
|
|
|
|
Registered Office : |
Senlikkoy Mah. Catal Sok. Yaprak Villa B 2 No:5 Florya-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
07.01.2002 |
|
|
|
|
Com. Reg. No.: |
475937 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
National and International Air
Transportation |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow & Delayed |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
FLY HAVA YOLLARI A.S. |
|
ADDRESS |
: |
Head Office: Senlikkoy Mah. Catal Sok. Yaprak
Villa B 2 No:5 Florya-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-663 53 47-48 |
|
FAX NUMBER |
: |
90-212-573 99 18 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 3880312158 |
|
REGISTRATION NUMBER |
: |
475937 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
07.01.2002 (Commercial Registry Gazette
Date/No: 11.01.2002/5463) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 15,240,000 |
|
PAID-IN CAPITAL |
: |
YTL 15,240,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Address |
: Senlikkoy Mah. Florya Cad. Cevizli Sok.
Ugur Apt. No:7/1 Bakirkoy-Istanbul |
|
|
|
|
Address Changed On |
:15.11.2007 (Commercial Registry Gazette
Date/No: 20.11.2007/6940) |
|
|
|
|
Previous Registered Capital |
: YTL 11,540,000 |
|
|
|
|
Regist. Capital Changed on |
: 24.09.2003 (Commercial Registry Gazette
Date/No: 29.09.2003/5895) |
|
|
|
|
Previous Registered Capital |
:YTL
14,540,000 |
|
|
|
|
Regist. Capital Changed on |
: 07.10.2005 (Commercial Registry Gazette
Date/No: 12.10.2005/6409) |
|
|
|
|
Other Historical Events |
: The subject was established in Ankara on
07.01.2002 and registered at Ankara Commercial Registry under the
registration number “167642” then it moved to Istanbul on 13.05.2002 (Commercial Registry Gazette Date/No:
23.05.2002/5554) and registered Istanbul Commercial Registry under the
registration number “475937-423519”. |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Hasancebi Eram Express Havacilik Ic ve Dis Mohammat Ali Shafiei Koopaei Yurdakan Tarhan Birol Yuksel |
32,01 %
30 %
30 %
7 % 0,99 % |
|
|
SISTER COMPANIES |
: |
None |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Yurdakan Tarhan Birol Yuksel Mehmet Hasancebi |
Chairman Vice-Chairman Member |
|
|
DIRECTORS |
: |
Celalettin Durak Mehmet Safi Ergin Teoman Tosun Mustafa Kaya Nomaler Halim Aydin |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
National and international air
transportation The subject has 5 planes at its filo. Main destinations of the company in abroad
are as follows: Netherlands, Belgium, Spain, Germany, France, Italy, Poland,
Northern Cyprus Turkish Republic. |
|
|
SECTOR |
: |
Aerial Transportation |
|
|
TRADEMARK(S) |
: |
“Fly Air” |
|
|
NUMBER OF
EMPLOYEES |
: |
The subject had app. “500” employees at
beginning of 2006 but there has been a decline at number of employees. The
subject has declared that it has 50 employees now. |
|
|
NET SALES |
: |
(YTL Thousand) 111,098 195,812 158,061 81,329 8,934 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
|
FOREIGN INCOME |
: |
(YTL Thousand) 108,432 182,707 147,088 66,804 8,675 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
|
PREMISES |
: |
Head Office: Senlikkoy Mah. Catal Sok.
Yaprak Villa B 2 No:5 Florya-Istanbul |
|
|
TREND OF
BUSINESS |
: |
Downwards |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi
Sefakoy branch in Istanbul Yapi ve Kredi Bankasi Bayrampasa branch in
Istanbul T. Is Bankasi AHL branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject
company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about several payment delays in the last years. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was low as of 31.12.2006.
We expect a further deterioration at total equity since then as the firm
which had YTL 6,421,890 stockholders’ equity as of 31.12.2006 had YTL
-14,628,501 loss in the first 9 months of 2007. |
||
|
LIQUIDITY |
||
|
In order |
As of 31.12.2006 |
|
|
PROFITABILITY |
||
|
The subject company had net loss in 2006 and it had heavy gross,
operating and net losses in the first 9 months of 2007. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2006 |
|
|
GENERAL FINANCIAL POSITION |
||
|
Poor |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is
suitable for dealing on fully secured terms for any amount of business. |
|
|
Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
34.613.503 |
|
0,82 |
|
|
|
Cash and
Banks |
997.142 |
|
0,02 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
|
|
Account
Receivable |
23.243.037 |
|
0,55 |
|
|
|
Other
Receivable |
11.689 |
|
0,00 |
|
|
|
Inventories |
0 |
|
0,00 |
|
|
|
Advances
Given |
3.211.735 |
|
0,08 |
|
|
|
Other
Current Assets |
7.149.900 |
|
0,17 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
7.523.073 |
|
0,18 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
1.543.930 |
|
0,04 |
|
|
|
Intangible Assets |
1.176.890 |
|
0,03 |
|
|
|
Other
Non-Current Assets |
4.802.253 |
|
0,11 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
42.136.576 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
33.858.401 |
|
0,80 |
|
|
|
Financial
Loans |
1.118 |
|
0,00 |
|
|
|
Accounts
Payable |
24.509.910 |
|
0,58 |
|
|
|
Loans
from Shareholders |
327.634 |
|
0,01 |
|
|
|
Other
Short-term Payable |
1.951.587 |
|
0,05 |
|
|
|
Advances
from Customers |
984.069 |
|
0,02 |
|
|
|
Taxes
Payable |
6.130.622 |
|
0,15 |
|
|
|
Provisions |
-46.539 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.856.285 |
|
0,04 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
|
|
Long-term
Payable |
1.856.285 |
|
0,04 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
|
|
Other Long-term
Liabilities |
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
6.421.890 |
|
0,15 |
|
|
|
Paid-in
Capital |
15.240.000 |
|
0,36 |
|
|
|
Inflation
Adjustment of Capital |
3.408.726 |
|
0,08 |
|
|
|
Reserves |
24.302 |
|
0,00 |
|
|
|
Revaluation Fund |
39.673 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-25.840 |
|
0,00 |
|
|
|
Net
Profit (loss) |
-12.264.971 |
|
-0,29 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
42.136.576 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
81.329.299 |
|
1,00 |
|
8.934.029 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
73.424.802 |
|
0,90 |
|
10.997.670 |
|
1,23 |
|
|
|
Gross Profit |
7.904.497 |
|
0,10 |
|
-2.063.641 |
|
-0,23 |
|
|
|
Operating
Expenses |
5.848.728 |
|
0,07 |
|
1.126.441 |
|
0,13 |
|
|
|
Operating Profit |
2.055.769 |
|
0,03 |
|
-3.190.082 |
|
-0,36 |
|
|
|
Other
Income |
20.936.957 |
|
0,26 |
|
3.814.986 |
|
0,43 |
|
|
|
Other
Expenses |
34.635.074 |
|
0,43 |
|
14.922.459 |
|
1,67 |
|
|
|
Financial
Expenses |
622.623 |
|
0,01 |
|
330.946 |
|
0,04 |
|
|
|
Profit (loss) Before Tax |
-12.264.971 |
|
-0,15 |
|
-14.628.501 |
|
-1,64 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-12.264.971 |
|
-0,15 |
|
-14.628.501 |
|
-1,64 |
|
FINANCIAL
RATIOS
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,02 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,72 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,55 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,04 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
-- |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
12,66 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,93 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,15 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,80 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,85 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-1,91 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
-0,36 |
|
|
|
|
|
Net Profit Margin |
-0,15 |
|
|
|
-1,64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
102,88 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
129,27 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)